Bankwest Interest In Advance Fixed Loan

By opting for a fixed loan you are generally taking this loan because of the security of knowing what your monthly payments are going to be. With this added security these fixed loans usually have fewer features and less flexibility. However, the Bankwest Fixed Loan – Interest in Advance gives you the security of the knowing what your payments are while providing additional flexibility with a few added features. Furthermore, the interest in advance option allows you to pay the interest rate to receive a discount on the overall interest rate.

Bankwest Fixed Loan

The Bankwest Fixed Loan – Interest in Advance offers you a loan package that is stable and packed full of features. The additional features of the Bankwest Fixed Loan – Interest in Advance are:

• Interest in advance. The interest in advance option on the Bankwest Fixed Loan – Interest in Advance loan allows you to pay the interest that will accumulate on the loan in advance. By doing this you will receive a discount on the interest rate. If you have the spare cash this is a great way to reduce the overall cost of the loan
• Conditions of borrowing. New customers may borrow up to 85% of the property value. Existing Bankwest home loan customers may borrow up to of the property value.
• Flexible repayment options available. With the Bankwest Fixed Loan – Interest in Advance you can take advantage of the added flexibility by choosing between weekly, fortnightly or monthly principal and interest repayments.
• Interest offset facility. The Bankwest Fixed Loan – Interest in Advance allows you to offset the interest calculated on your loan with savings in another account. If place your savings in the offset account, 40% of these funds will be considered when calculating interest. So the more funds you have in the offset account the less interest you will pay over the course of your home loan. The offset account acts like a regular transaction account by always allowing you to have access to these funds.
• Online redraw facility. The equity that you have accumulated on the loan should be available to you if needed.The Bankwest Fixed Loan – Interest in Advance online redraw facility allows you to redraw the equity or additional funds you have paid into the loan account at any time. You can do a free redraw whenever you want. You can make any online Pay Anyone and BPAY payments up to the value of $5,000 a day. With the Bankwest online redraw facility you can always have quick access to your money whenever you want.
• Pay the interest only. Most loans require you to pay both the interest and the principle. The interest only option of the Bankwest Fixed Loan – Interest in Advance allows you to pay only the interest portion of the repayments for a period of time. This feature is particularly suited to investors because during the low payment periods their investments can mature and earn profit. The loan is then paid at a later date.
• Fees. The Bankwest Fixed Loan – Interest in Advance offers a once off application fee that covers one standard valuation of your house and the legal costs associated with the valuation. Furthermore, the Bankwest Fixed Loan – Interest in Advance offers a low monthly maintenance fee. At the end of your loan early termination and excess repayment fees may apply.

• You can make additional repayments. You can make additional payments on your Bankwest Fixed Loan – Interest in Advance for no extra charge. By making extra payments you can reduce the total amount owing on your loan and thereby reduce the interest that is charged.

By paying the interest in advance you can reduce the amount of interest you pay and reduce the size of the regular payments from then on. With the Bankwest Fixed Loan – Interest in Advance you have the advantage of having to paying less interest with the interest only function while also taking advantage of all the other flexible features.